Duterte approves establishment of Workers' Bank- the first bank which will be owned by working class Filipinos

President Duterte has just given his approval on the establishment of Workers' Bank, the first bank which will be owned by the working class Filipinos.

During the 9th cabinet meeting last night in Malacanang Palace, the plans for the establishment of the bank was deliberated. Agriculture Secretary Manny Piñol has reported on his Facebook page the highlights of how the deliberation for the matter went.

During the Cabinet meeting in Malacañang last night, the President approved the proposal of Labor Secretary Silvestre Bello III for the acquisition of the Postal Bank which will be renamed as the Workers' Bank.

The Postal Bank will be initially acquired by the Land Bank of the Philippines and will be renamed the Workers' Bank.

The Workers' Bank will be a subsidiary of the LBP until such time OFWs and other Filipino workers have bought shares to own part of the bank.

One suggestion put forward during the deliberation was for the national government to initially pour in P4 Billion pesos to kick-start the bank. But Finance Secretary Carlos Dominguez argued that it may take longer to realize the plan if the administration takes this route since it would require lengthy paper work.

The other suggestion raised, which was the one that agreed upon, was for the Land Bank to initially acquire the Postal Bank as a subsidiary. Once the bank grows, working Filipinos, most especially the OFWs, will then be allowed to buy shares of the bank.

Here's the full post of Secretary Manny Piñol:

Tribute to OFWs

PRESIDENT DUTERTE APPROVES
ESTABLISHMENT OF WORKERS' BANK
By Manny Piñol

President Rody Duterte last night fulfilled another campaign promise when he approved the establishment of a bank which will ultimately be partly-owned by the Filipino working class, especially the Overseas Filipino Workers (OFWs).

During the Cabinet meeting in Malacañang last night, the President approved the proposal of Labor Secretary Silvestre Bello III for the acquisition of the Postal Bank which will be renamed as the Workers' Bank.

The Postal Bank will be initially acquired by the Land Bank of the Philippines and will be renamed the Workers' Bank.

The Workers' Bank will be a subsidiary of the LBP until such time OFWs and other Filipino workers have bought shares to own part of the bank.

Initially, Bello's proposal was for government to infuse P4-B into the Postal Bank after it has been acquired by the OFWs but Finance Secretary Carlos Dominguez argued that the plan would entail stringent requirements which will be imposed by the Central Bank.

Sec. Dominguez, supported by Budget Secretary Benjamin Diokno, proposed that Postal Bank be initially acquired by Land Bank as a subsidiary.
As the Workers' Bank grows, OFWs and other Filipino workers will be allowed to buy shares of the bank, thereby establishing the first bank which will be owned by the working class.

#Changeishere! #PresRodyCares! #DuterteDelivers! #MabuhayOFWs!

Reading this news just gave me chills! May pag-asa po ang Pilipinas!

Mabuhay Pilipinas!

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Duterte approves establishment of Workers' Bank- the first bank which will be owned by working class Filipinos
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